Important changes to Ontario real estate came in effect on December 1, 2023 – the Real Estate and Business Brokers Act (REBBA) got replaced by TRESA (Trust in Real Estate Services Act). One of the most prominent changes impacting consumers Full details …
The Bank of Canada raised mortgage interest rates went from 1.0 per cent in April 2022 to 5.0 per cent in July of this year. Seasoned real estate professionals and homeowners compare the situation with the 90’s market when between Full details …
Effective January 1, 2023, non-Canadians are banned from purchasing residential property in Canada for two years after parliament passed the Prohibition on the Purchase of Residential Property by Non-Canadians Act On June 23, 2022. Broadly speaking, the Act prohibits foreign Full details …
Next year the rent increase guideline in Ontario will be capped at 2.5%. This is the highest increase allowed in a decade – more than doubling from the previous 2022 guideline of 1.2%. The last time Ontario’s rent increase guideline Full details …
The 2022 provincial budget makes all condominium and freehold (home/townhome) assignment agreements made after May 7, 2022 subject to HST. Assignment transactions are common in pre-construction purchases. Before the 2022 budget, whether or not HST applied to an assignment transaction, Full details …
One of the unforeseen consequences of the pandemic has been a red-hot housing market with prices rising 22.2% annually as of November 2021. Some GTA markets such as Toronto increased 28.4% year-over-year to $1,242,793 for January 2022. Many home buyers rushed Full details …
Three years ago Premier Doug Ford introduced an exemption to Ontario’s rent control rules for units first occupied after Nov. 15, 2018. New buildings, additions to existing buildings and most new basement apartments that are occupied for the first time Full details …
Most pre-construction contracts assume some risks due to long building terms during which the real estate values can either rise or fall. In today’s over-heated real estate market, a few builders appear to be unwilling to proceed with deals at Full details …
After the recent election win, the Liberal government may adopt one their election campaign pledges to end blind bidding on properties in Canada. Blind bidding prevents the competing purchasers from knowing the bids of other buyers. This system is blamed Full details …
Housing affordability is becoming more challenging for buyers in the GTA. Salaries do not keep up with rising home prices and high-ratio mortgages can be difficult to obtain for a buyer on a strict budget. A family member or a Full details …